Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Equity Bottom-Up

<p>Da Nang Rubber JSC is a strong pick in Vietnam, and is able to benefit strongly from Vietnam's rapid automotive industry growth, as well as the declining price of rubber.  Investors should also note Sao Vang Rubber and The Southern Rubber Industry JSC, which are available at slightly lower valuation.</p>

Da Nang Rubber JSC is a strong pick in Vietnam, and is able to benefit strongly from Vietnam's rapid automotive industry growth, as well as the declining price of rubber.  Investors should also note Sao Vang Rubber and The Southern Rubber Industry JSC, which are available at slightly lower valuation.

Thematic (Sector/Industry)

<p>Vietnam officially removed the foreign ownership limitation this September, allowing foreign investors to take 100% ownership of companies.  This legislation is one of the last steps for Vietnam to successfully transition to an emerging market, yet its unclear implementation currently results in Vietnam still being a frontier market.  While the legislation has been passed, foreign investors can expect actual implementation to be an unclear, length process, determined on a case to case basis…</p>

Vietnam officially removed the foreign ownership limitation this September, allowing foreign investors to take 100% ownership of companies.  This legislation is one of the last steps for Vietnam to successfully transition to an emerging market, yet its unclear implementation currently results in Vietnam still being a frontier market.  While the legislation has been passed, foreign investors can expect actual implementation to be an unclear, length process, determined on a case to case basis…

Vietnam's Removal of the Foreign Ownership Limitation: A Future Portfolio for Emerging Vietnam

Vietnam

Danang Rubber JSC manufactures vehicle tires.  The Company produces tires for bicycles, motorcycles, automobiles, and trucks.

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Danang Rubber JSC (DRC VN)